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What are Payoff Verification Statements?

Depending on the lender of the rate you select, we may ask you to verify your loan payoff amount. A Payoff Verification Statement is a statement provided by lenders and servicers that verifies the amount it would take to completely pay off your loan on a certain day in the future (often 10, 15, or 30 days in advance). The amount takes into account the loan balance, interest, fees, and any accrued interest during the time that the statement is requested, and the future payoff date provided. This document can be critical during the underwriting process because it ensures the right amount of funds is sent to pay off your existing loans.

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